智通财经APP获悉，花旗发布研报称，由于2024年下半年毛利率未达预期，但2025年第一季度毛利率扩张超出预期，将建滔积层板(01888)2025至2026年的盈利预测下调4%至9%，并引入2027年的预测。将目标价由11.5港元上调至14港元，这反映因平均售价上涨导致的毛利率假设提高，维持公司“买入”评级。
建滔积层板2024年的净利润同比增46%，达到13.26亿元，符合此前发布的13亿元以上的盈利预喜指引。但这低于该行之前预测的16.48亿元。差距3.22亿港元部分原因是1.06亿港元的一次性减值损失，其余2.16亿港元的差距更多归因于2024年下半年因平均售价降低而导致的毛利率低于预期。尽管如此，该行预计2025年第一季度毛利率将因平均售价上涨超过10%而快速扩张，增幅超过20%。
该行改变了股票偏好，从之前的生益科技(600183.SH)优于建滔积层板，调整为建滔积层板优于生益科技。建滔集团(00148)因其化工业务疲软仍是最不受青睐的选择。
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